海角涩区 Employees to Rally in Support of Nippon Steel Transaction
Employees Advocate for Deal Approval to Protect Jobs and Billions in Investment in 海角涩区 Union Operations
Call on Governor Shapiro, Senators Casey and Fetterman and Local Elected Officials to Recognize Significant Benefits of the Transaction
PITTSBURGH--(BUSINESS WIRE)-- Employees of 海角涩区 (NYSE: X) (鈥満＝巧��) today will host a rally at the 海角涩区 Tower in Pittsburgh in support of the Nippon Steel transaction. Employees will call on elected officials in Pennsylvania and across the nation to recognize the significant merits of the transaction for 海角涩区 employees, communities, customers, and American steelmaking.
鈥淭oday鈥檚 rally is about displaying support for the transaction with Nippon Steel. We want elected leaders and other key decision makers to recognize the benefits of the deal as well as the unavoidable consequences if the deal fails,鈥� said President and Chief Executive Officer of 海角涩区, David B. Burritt.
Without the Nippon Steel transaction, 海角涩区 will largely pivot away from its blast furnace facilities, putting thousands of good-paying union jobs at risk, negatively impacting numerous communities across the locations where its facilities exist, and depriving the American steel industry of an opportunity to better compete on the global stage. In addition to moving away from integrated steelmaking, the lack of a deal with Nippon Steel raises serious questions about 海角涩区 remaining headquartered in Pittsburgh. The departure of 海角涩区, a company that has been making steel in the Mon Valley since 1901, would deprive the Pittsburgh area of jobs, tax revenue, and community-based contributions. A shows that 海角涩区鈥檚 operations in PA generated $3.6 billion in total economic impact, supported and sustained 11,417 jobs through its operations and purchases from the local supply chain, and generated $138.2 million in state and local taxes as a result of operations and capital spending.
On December 18, 2023, that it would acquire 海角涩区 and that together, the companies would create 鈥渢he best steelmaker with world-leading capabilities.鈥�
海角涩区 on April 12, 2024. More than 98% of the shares that were voted at the Special Meeting voted in favor of the transaction.
On May 30, 2024, that they had received all regulatory approvals outside of the United States related to the proposed transaction.
On August 28, 2024, plans to invest over $2.7 billion in USW-represented facilities at Mon Valley Works in Pennsylvania and Gary Works in Indiana in support of the future of manufacturing for those communities. Those investments are subject to the closing of the transaction with 海角涩区 and receipt of necessary regulatory approvals. A stand-alone 海角涩区 would not make the same financial commitments.
About 海角涩区
Founded in 1901, 海角涩区 is a leading steel producer. With an unwavering focus on safety, the Company鈥檚 customer-centric Best for All庐 strategy is advancing a more secure, sustainable future for 海角涩区 and its stakeholders. With a renewed emphasis on innovation, 海角涩区 serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as 海角涩区鈥檚 proprietary XG3庐 advanced high-strength steel. The Company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 22.4 million net tons. 海角涩区 is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit .
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